Mental health funding surged 38% in 2024, reaching $2.7 billion.
The shift is permanent. Employers prioritize mental wellness. Insurance coverage expands. Digital solutions scale.
But investors have become selective. They want proven unit economics. Insurance reimbursement models. Real clinical outcomes.
This guide lists 30+ active mental health investors. Their focus, check sizes, and what they fund.
Track your mental health pitch deck
Mental health startup built. Clinical outcomes proven. Payers interested.
Investors still ghost you.
PDFs disappear. No tracking. No insights.
Ellty changes that. See exactly how investors engage with your deck.
30 Top mental health investors
1. CVS Ventures
Strategic investor leading major mental health rounds.
Investment focus: Digital therapeutics, behavioral health platforms, substance use treatment
Investment range: Series A+, often lead investor
Notable investments: Array ($25M lead), Cortica ($40M lead), SpectrumAi ($20M lead)
Contact: cvshealth.com/ventures
2. OMERS Ventures
Early-stage firm with $133B AUM focused on behavioral health.
Investment focus: Digital mental health, enablement services, Series A-C
Investment range: $5M-$25M typical
Notable investments: Caraway, HelloSelf, behavioral health platforms
Contact: omersventures.com
3. Telosity
Youth mental health specialist investing pre-seed to Series A.
Investment focus: Youth mental health, well-being platforms
Investment range: Pre-seed to Series A, $500K-$5M
Notable investments: Wave, MindRight Health, Daybreak Health
Contact: telosity.com
4. What If Ventures
Mission-driven fund focused on mental health and addiction.
Investment focus: Mental health tech, addiction treatment, psychedelic medicine
Investment range: Seed to Series A
Notable investments: Alto Neuroscience, Atai Life Sciences, mental health platforms
Contact: whatif.vc
5. General Catalyst
Multi-stage investor with largest mental health portfolio.
Investment focus: Digital mental health, care delivery innovation
Investment range: Seed to growth, flexible sizing
Notable investments: Leading mental health portfolio companies
Contact: generalcatalyst.com
6. Lightspeed Venture Partners
Active mental health investor across stages.
Investment focus: Digital behavioral health, mental wellness platforms
Investment range: Series A to growth
Notable investments: Multiple mental health companies
Contact: lsvp.com
7. Khosla Ventures
Early believer in mental health transformation.
Investment focus: Innovative mental health models, deep tech approaches
Investment range: Seed to growth
Notable investments: Mental health platforms using novel approaches
Contact: khoslaventures.com
8. GV (Google Ventures)
Alphabet's venture arm investing in diverse mental health models.
Investment focus: Virtual platforms, brick-and-mortar, serious mental illness
Investment range: Seed to late stage
Notable investments: Brightline, firsthand, Guidelight
Contact: gv.com
9. Flare Capital Partners
Healthcare-focused firm betting on behavioral health.
Investment focus: Quality-focused mental health, trauma care, wellness
Investment range: Series A-B typically
Notable investments: Mental health companies with proven models
Contact: flarecapital.com
10. B Capital
Global firm with growing mental health portfolio.
Investment focus: SaaS, digital therapeutics, platform-scale solutions
Investment range: Series B+, large checks
Notable investments: Platform mental health companies
Contact: bcapgroup.com
11. Owl Ventures
Education investor crossing into youth mental wellness.
Investment focus: Youth/adolescent mental health, Gen Z engagement
Investment range: Seed to growth
Notable investments: Mental wellness education platforms
Contact: owlvc.com
12. HopeLab Ventures
Impact-first fund for youth mental health.
Investment focus: Youth digital wellbeing, research-backed solutions
Investment range: Seed to Series A
Notable investments: Evidence-based youth mental health tools
Contact: hopelab.org
13. Able Partners
Early-stage wellness and mental health investor.
Investment focus: Next-gen mental health brands, operator experience
Investment range: Seed to Series A
Notable investments: Wellness-focused mental health companies
Contact: ablepartners.com
14. SpringTide Ventures
Behavioral health access innovation specialist.
Investment focus: Care delivery, digital therapy, access solutions
Investment range: Seed to Series B
Notable investments: Companies with care delivery traction
Contact: springtideventures.com
15. Venrock
Early-stage healthcare investor with mental health focus.
Investment focus: Virtual mental health, workforce solutions
Investment range: Seed to growth, long-term approach
Notable investments: Lyra, Included Health
Contact: venrock.com
16. Kaiser Permanente Ventures
Strategic investor with unique payvider insights.
Investment focus: Digital mental health, integrated care models
Investment range: Series A+
Notable investments: Ginger (pre-Headspace merger)
Contact: ventures.kp.org
17. .406 Ventures
Healthcare technology investor with behavioral focus.
Investment focus: Digital behavioral health, varied conditions
Investment range: Series A-C
Notable investments: Autism, eating disorders, maternal mental health
Contact: 406ventures.com
18. Autism Impact Fund
Specialized fund for autism and neurodevelopmental conditions.
Investment focus: Autism treatment, diagnostics, IDD solutions
Investment range: Seed to Series B, $60M fund
Notable investments: Innovative autism technologies
Contact: autismimpactfund.com
19. Rock Health
Digital health seed fund active in mental health.
Investment focus: Early-stage mental health innovation
Investment range: Seed, $50K-$500K
Notable investments: Digital mental health pioneers
Contact: rockhealth.com
20. Y Combinator
Leading accelerator with mental health cohorts.
Investment focus: All mental health models, early stage
Investment range: $500K for 7%
Notable investments: Cerebral, numerous mental health startups
Contact: ycombinator.com
21. Sequoia Capital
Top-tier VC investing in mental health scale-ups.
Investment focus: Market leaders, proven models
Investment range: Series A+, large rounds
Notable investments: Grow Therapy ($88M Series C lead)
Contact: sequoiacap.com
22. Kleiner Perkins
Silicon Valley firm backing mental health innovation.
Investment focus: Digital therapeutics, enterprise mental health
Investment range: Series A to growth
Notable investments: Modern Health, mental health platforms
Contact: kleinerperkins.com
23. Insight Partners
Growth investor in mental health SaaS.
Investment focus: B2B mental health, provider tools
Investment range: Series B+, $10M-$100M+
Notable investments: Alma ($220M+ raised)
Contact: insightpartners.com
24. Optum Ventures
UnitedHealth's strategic venture arm.
Investment focus: Integrated mental health, payer solutions
Investment range: Series A+
Notable investments: Alma, mental health platforms
Contact: optumventures.com
25. Tusk Venture Partners
Early-stage investor in regulated healthcare.
Investment focus: Mental health with regulatory complexity
Investment range: Seed to Series A
Notable investments: Alma, regulatory-focused platforms
Contact: tuskventures.com
26. Primary Venture Partners
NYC-based seed investor in digital health.
Investment focus: Early-stage mental health innovation
Investment range: Seed to Series A, $1M-$5M
Notable investments: Alma, mental health startups
Contact: primary.vc
27. Sound Ventures
Ashton Kutcher's fund investing in mental health.
Investment focus: Consumer mental health, celebrity-backed
Investment range: Seed to Series B
Notable investments: Mental health platforms
Contact: soundventures.com
28. BoxGroup
Early-stage investor in digital health.
Investment focus: Mental health technology, seed stage
Investment range: Pre-seed to seed, $100K-$1M
Notable investments: Early mental health companies
Contact: boxgroup.com
29. Social Impact Capital
Impact-focused mental health investor.
Investment focus: Underserved populations, addiction treatment
Investment range: Seed to Series A
Notable investments: Bicycle Health, impact-driven platforms
Contact: socialimpact.com
30. BelHealth Investment Partners
PE-style investor in behavioral health facilities.
Investment focus: Brick-and-mortar behavioral health, SUD treatment
Investment range: Growth equity, buyouts
Notable investments: Beach House Behavioral Health
Contact: belhealth.com
What mental health investors actually want
Unit economics that work
Forget growth at all costs. Show profitability path:
- CAC under $200 per patient
- LTV/CAC ratio above 3:1
- Gross margins 40%+ minimum
- Clear path to insurance billing
Evidence-based outcomes
Clinical validation matters:
- Published studies or pilots
- Measurable symptom reduction
- Engagement metrics beyond downloads
- Retention rates that prove efficacy
Distribution beyond DTC
Direct-to-consumer dies from marketing costs. Show B2B2C:
- Employer partnerships
- Payer contracts
- Provider networks
- School systems
Alternative funding for mental health startups
Strategic investors
Payer venture arms: Anthem, Cigna, Aetna ventures
Provider systems: Providence Ventures, Ascension Ventures
Pharma partners: Looking for digital companions to drugs
Government grants
NIMH SBIR: Up to $2M for mental health innovation
SAMHSA grants: Substance use and mental health
State programs: Many states fund mental health tech
Mental health accelerators
Techstars Future of Longevity: Mental wellness focus
StartUp Health: Mental health moonshots
MassChallenge HealthTech: Includes behavioral health
Recent wins and lessons
Success patterns
Grow Therapy: $88M Series C. Insurance-first model.
Brightside Health: $33M Series C. Fixed pricing plus insurance.
Spring Health: Personalized matching. Data-driven outcomes.
Why mental health startups fail
Building another meditation app. Market saturated.
No reimbursement strategy. Consumers won't pay monthly.
Ignoring clinical evidence. "Feel good" isn't enough.
Competing with BetterHelp on marketing. You'll lose.
Track every investor interaction
Mental health investors spend 5x longer on clinical validation slides. You need to know who's actually interested.
Ellty shows you which investors engage deeply with your deck. See when they forward internally. Know who viewed multiple times.
Mental health founders using trackable links get 4x more responses than PDFs.
FAQs
Q: B2C or B2B for mental health?
B2B2C wins. Employers and payers have budgets.
Q: Do we need clinical validation?
For Series A+, yes. Pilot data minimum.
Q: Which conditions get funded?
Anxiety/depression saturated. Serious mental illness, SUD, youth emerging.
Q: Synchronous or async care?
Both. But async scales better.
Q: How important is insurance billing?
Critical for Series B+. Start building early.
